Self employment / setting up own business . .advice pl
Mar 8th 2009, 1:49 am
#16
No time for muppets!
Joined: Jun 2008
Location: Alliston, ON
Posts: 585
Re: Self employment / setting up own business . .advice pl
Great until you get caught. CRA can go back 7 years on your tax returns and further if they suspect fraud. Also if you get paid cash and don't decalre it you cannot claim expenses. If you don't keep receipts and get audited, they'll ding you on income only as you cannot prove expenditure. Is it really worth it?
Mar 8th 2009, 3:19 am
#17
Forum Regular
Joined: Feb 2009
Posts: 63
Re: Self employment / setting up own business . .advice pl
My fellow english immigrant has lived here in Ontario for 7 years now (he is actually the reason I moved) and has his own business since moving here himself in 02, all cash and he has done just fine.
Newspaper ads cost $50 pw in Burl which from my exp was and still is a goldmine!!!! Its all about initiative however that is a lucrative commodity!
Newspaper ads cost $50 pw in Burl which from my exp was and still is a goldmine!!!! Its all about initiative however that is a lucrative commodity!
Ex-pats moving here should be prepared for a far more advanced marketing machine here.
I have tried to help ex-pats get involved in face to face networking, chamber or commerce etc, but some valued British attributes have got in the way or clouded their ability to see the benefits
Mar 8th 2009, 4:00 am
#18
Joined: Sep 2008
Posts: 12,830
Re: Self employment / setting up own business . .advice pl
I thought it was around.
You can still be caught out. An audit from CRA is not necessarily on a paper trail. If they have information (usually from anonymous tips) and come up with a figure you owe, however widely inaccurate, it is up to you to prove you don't. The burdon of proof is on the tax payer not the government.
You can still be caught out. An audit from CRA is not necessarily on a paper trail. If they have information (usually from anonymous tips) and come up with a figure you owe, however widely inaccurate, it is up to you to prove you don't. The burdon of proof is on the tax payer not the government.
Mar 8th 2009, 7:28 am
#19
BE Forum Addict
Joined: Dec 2007
Location: Calgary
Posts: 2,092
Re: Self employment / setting up own business . .advice pl
CRA will also consider lifestyle not just stated income.
Also, not declaring income is tantamount to theft from those that do declare.
Also, not declaring income is tantamount to theft from those that do declare.
Mar 8th 2009, 1:33 pm
#20
Joined: Apr 2005
Posts: 9,606
Re: Self employment / setting up own business . .advice pl
If you're billing a UK company, GST shouldn't be an issue. I'd also stick with the self-employed route. As a company, I think you'd need more than one customer.
Mar 8th 2009, 4:56 pm
#21
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,685
Re: Self employment / setting up own business . .advice pl
I thought it was around.
You can still be caught out. An audit from CRA is not necessarily on a paper trail. If they have information (usually from anonymous tips) and come up with a figure you owe, however widely inaccurate, it is up to you to prove you don't. The burdon of proof is on the tax payer not the government.
You can still be caught out. An audit from CRA is not necessarily on a paper trail. If they have information (usually from anonymous tips) and come up with a figure you owe, however widely inaccurate, it is up to you to prove you don't. The burdon of proof is on the tax payer not the government.
Exactly so. Well, it is not tantamount to theft, it is theft.
